E-Loan Cuts Rate on Premium Jumbos

E-Loan, a Pleasanton, Calif.-based online lender offering mortgage, home equity, and other consumer loans, has announced a "substantial reduction" in the interest rate on its premium jumbo mortgage loans.The rate has been lowered to 7.5%, with no points and no lender fees, for qualified borrowers with a FICO score of at least 740 and a loan-to-value ratio of 75% or less, the company said. "While the mortgage market is forcing Wall Street and most other lenders to retreat from these premium jumbo loans, E-Loan is leveraging its financial strength to aggressively pursue this valuable group of borrowers with highly competitive mortgage rates," said E-Loan president Mark Lefanowicz. The company can be found online at http://www.eloan.com.